New competition coming for Netflix, Google

STATEWIDE - New competition for Netflix and Google is in Wednesday's business news.

Now that a federal judge has approved AT&T's $85 billion dollar takeover of Time Warner, other companies are likely to consolidate.

The decision allows AT&T to compete with companies that dominate the digital landscape. The acquisition is considered a turning point for an industry upended by companies like Netflix and Google, which produce content without requiring a cable subscription.

Investors are keeping a close eye on the Federal Reserve, which is expected to raise short-term interest rates.

But most attention will be on how many rate hikes the fed will consider for the rest of 2018.

Meanshile, Tesla is laying off 3,600 workers -- about 9 percent of its workforce. CEO Elon Musk says the decision is part of a restructuring move.

No factory workers will be affected as the company continues to ramp up production of its lower-priced Model 3 car. The taxpayer-subsidized car maker has not made a profit in its 15-year existence.